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- Tina Chiappetta (5)
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Pay for Performance
January 19, 2010
Posted by Tina Chiappetta
This Washington Post editorial from January 19, 2010, argues that bonuses for Wall Street are justifiable because it is an example of pay for performance. What I think is missing is any discussion of pay for performance when performance is poor. Shouldn't the bankers be penalized, not rewarded for poor performance? This got me thinking about whether or not pay for performance is viable. If it is used only to reward and never to penalize, can it be an effective compensation policy? What do you think? Do you know of any situations where pay was reduced due to poor performance, or a bonus not awarded?
Comments
Pay for performance... The
Pay for performance... The Holy Grail of HR, public or private. Ask any ten HR practitioners and you'll get, well, maybe fifteen competing views.
Having recently returned from Venice Beach CA, let me frame the core issue thus: is there really any pleasure without pain?
As the last fetching waffs of patchouli fade in the winter spice of the Piney Hills, I think about how many of us have tried to make clear, sure links between marks on the success/failure continuum and what's on that check stubb. Despite untold scores of attempts, few of us have a method that works so purely we'd offer it to anyone else.
I must admit some schadenfruede when Wall Street had to fess up to their reality that the only way to keep their minions happy was to share the loot in fantatical amounts. Did anyone rush out to emulate their methods? Not that I know, they didn't. The reason being, IMHO, that anyone not a direct party could easily spot the folly. All gain and no pain makes for some really well-heeled investment bankers and hedge managers, but what else can it do? Like the one-trick dog, it's repetoire is so limited as to not exist at all.
I can't fault anyone in our business for trying to link pay with something related towork. It is, essentially, what we're paid (at least in part) to do. I can, however, pray for patience in resolving often insoluable problems.
Ciao...
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